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Phil,
what your are showing there is a 5002 wich has a shortwave band. The middle knob is the band switch. There are four different radio chassis in the rainbow cabinet :
model 5000 – the basic AM only radio. Only two knobs and the propeller type dial.
model 5002 – same as above but with shortwave band. Three knobs an propeller type dial.
model 5110 – Am only. May or maynot have a tone control (two position switch). Two or three knobs and the wiper type dial.
model B4000 – Battery version of the 5000. Two knobs and propeller type dial.
All four models have a different dial. Some models have a loop antenna at the back. Some others have a spool of wire as antenna and these sets have an antenna coil on the chassis. The mounting of the variable condenser varies according to the type of dial indicator.
In the picture : bottom left a 5000, on top of it a 5110. Bottom right the B4000 and on top a 5002.
Jean Marcotte